Banking Industry As „Cash Cow“?

People ♦ Published: February 29, 2012; 16:15 ♦ (Vindobona)

For RZB´s CEO Rothensteiner, the increase in bank tax is “not fair”. The government plans to raise bank taxes by 25%.

Banking Industry As „Cash Cow“? / Picture: ©

After the nationalization of VBAG, which caused write-offs and further investments of € 1.05bn, the Austrian government raises bank taxes by 25%. Until now, bank taxes have a volume of € 500m. By 2013, bank tax intake should reach € 625m.

For Walter Rothensteiner, CEO of Raiffeisen Zentralbank (RZB), the increase is “unfair” and “unjust”. Rothensteiner argues that…